Charles Brennan, an analyst from Jefferies, maintained the Buy rating on Bytes Technology Group Plc. The associated price target remains the same with p380.00.
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Charles Brennan has given his Buy rating due to a combination of factors that suggest a positive outlook for Bytes Technology Group Plc. The company’s recent trading statement indicates that their performance in the first half of the year is largely in line with expectations, with gross profits and EBIT figures meeting or slightly exceeding consensus estimates. This is a reassuring sign following previous disappointments, indicating that the company is stabilizing.
Furthermore, Brennan points out the promising prospects for the second half of the year, with a strong pipeline and anticipated momentum expected to drive growth. This is projected to result in an acceleration of gross profits growth from approximately 0% in the first half to around 5% in the second half. Despite some recovery in the share price, the current price-to-earnings ratio remains attractive, suggesting that the stock is still a good value investment.
In another report released on September 3, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a p468.00 price target.
Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BYIT in relation to earlier this year.